100 Mil Réis Thesouro Nacional, 13th. Print

Brazil's National Treasury turned to Cartiere Miliani in Fabriano — a papermill with roots going back to the thirteenth century — for this series, a choice driven by the mill's long-standing expertise in security paper rather than any relationship with a conventional banknote printer. The "13th Print" designation reflects Brazil's practice of tracking successive print runs of the same approved design, a system that makes provenance tracing possible but frequently confuses collectors unfamiliar with the convention.

The 1915 date places this note in the middle of a period when Brazil's finances were under serious strain from falling coffee prices and wartime disruption to European credit markets. Watermarking remained the primary security measure — no intaglio, no serial complexity.